President Barack Obama announced Friday his plans to renew the QuickPay initiative, which requires agencies to pay small business contractors in an expedited fashion. The President also announced the creation of a similar private-sector program.

QuickPay launched in 2011 and saw over $1 billion in cost savings for small businesses, the White House said in a release.

The memorandum for QuickPay’s first launch mandated that agencies speed up the pay process to small business contractors. It requires payments made within 15 days of receiving a proper invoice, rather than a 30-day period.